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Tax revenues in the first month of 2023 have significantly exceeded the target, according to the provisional data on the execution of the state budget, on a modified cash basis, for the period of January 2023, as announced a while ago by the ministry Finance.

Deputy Minister of Finance Theodoros Skylakakis, commenting on this development, emphasized that “in January 2023, the course of the revenues of the state budget she was very positive. Tax revenues in particular amounted to 5,023 million euros, increased by 620 million euros or 14.1% compared to the target included in the 2023 Budget report. Even if the increased 184 million compared to the target are removed revenue returns, remains a very significant overshoot confirming the government’s estimates of a better-than-expected path for the economy as 2023 begins.”

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In fact, as Mr. Skylakakis stated on SKAI radio, for the support measures announced yesterday, an assessment of the fiscal space was made and the decisions were taken, due to the good progress in revenues.

In detail according to the announcement “on a modified cash basis, for the period of January 2023, there is a surplus in the balance of the state budget of 1.471 billion euros against a target for a surplus of 917 million euros that has been included for the corresponding period of 2023 in the introductory report of the 2023 Budget and a deficit of 1.199 billion euros in the corresponding period of 2022.

The primary outcome came in at a surplus of 2.765 billion euros, against a target of a primary surplus of 2.147 billion euros and a primary surplus of 15 million euros for the same period in 2022.

The height of of net income of the state budget amounted to 7.157 billion euros, showing an increase of 566 million euros or 8.6% compared to the estimate for the corresponding period included in the introductory report of the 2023 Budget. This increase is mainly due to increased tax revenues and is achieved despite the increase seen in tax revenue refunds.

The total revenue of the state budget amounted to 7.603 billion euros, increased by 750 million euros or 10.9% against the target.

Tax revenues amounted to €5.023 billion, up by €620 million or 14.1% against the target included in the Budget 2023 report. This outperformance is estimated to be due to the better performance of taxes in the previous year which are collected in installments until the end of February 2023 (personal and legal income tax, ENFIA) as well as the best performance in the collection of the current year’s taxes (VAT, VAT, etc.).

Revenue returns totaled €445 million, up €184 million from the target (€261 million).

The revenues of the Public Investment Budget (PDE) amounted to 601 million euros, increased by 86 million euros from the target (515 million euros)”.


With regard to the expenditure side, the following picture was observed:

“The expenditures of the State Budget for the period of January 2023 amounted to 5.686 billion euros and are presented increased by 12 million euros compared to the target (5.674 billion euros), which has been included in the introductory report of the 2023 Budget, while they are presented increased, in relation to the corresponding period of 2022, by 632 million euros, mainly due to increased regular budget transfers by 615 million euros.

In the section of the Regular Budget, the payments are presented increased compared to the target by 110 million euros. This development is mainly due to the front-loaded transfer of resources to hospitals amounting to 176 million euros. Also noteworthy is the grant to the Information Society M.A.E. in the amount of 325 million euros, with a redistribution of credits from the reserve of actions to deal with the energy crisis, to serve the needs of the Market Pass, for the first months of its implementation, as well as the deferral of payments for the costs of equipment programs in the amount of 298 million euros .

Payments in the investment expenditure arm amounted to EUR 648 million, showing an underperformance of EUR 99 million. The expenditure of the PDE includes an amount of 22 million euros to service COVID-19 measures, with the most important of them, numerically, the subsidy of existing small and medium-sized enterprises in the retail trade sector, which maintain a physical store, for the development, upgrade and management of an online store” .